Austin, Texas - The Greater Austin Hispanic Chamber of Commerce (GAHCC) fully supports Austin City Council’s vote to launch the Austin Economic Injury Bridge Loan Program. Many local, small and medium sized businesses have been significantly impacted by community restraints initiated in response to COVID-19 and now businesses from one to 100 employees are eligible for additional aid. The federally backed loans of up to $35,000 offered by the City of Austin would provide working capital and could help sustain many local businesses until they receive their U.S. Small Business Administration loans.
"We commend the leadership from the City of Austin and City Council for moving swiftly to create and initiate this important Austin Economic Injury Bridge Loan that will provide additional resources to our members and neighbors. This is a bold move that shows our small business community that the City of Austin supports them," said Luis A. Rodriguez, GAHCC President & CEO.
Business owners must apply for a U.S Small Business Administration (SBA) loan and get confirmation before being allowed to apply for the city’s gap financing. The SBA has proceeded to offer economic injury disaster loans with an interest rate of 3.75% for small businesses and 2.75% for 501(c)3 nonprofits; while the SBA assistance is valuable, loans could take four to five weeks to finish processing. The Austin Economic Injury Bridge Loan Program will provide assistance in this gap of time for businesses suffering from lack of revenue.
“This aid from the city will be extremely valuable to small business owners like myself. We are so appreciative of our city’s ready movement in ensuring our communities are well equipped to endure this pandemic; many small businesses will rely on these funds for the coming months,” said Joseph Cajas III, Chairman of the GAHCC and President of The Cajas Digital Agency.
To learn more the Austin Economic Injury Bridge Loan Program please see the draft of the program’s guidelines: https://bit.ly/ExibitA-InjuryBridgeLoanProgram
About the Greater Austin Hispanic Chamber of Commerce (GAHCC):
Established in 1973, the GAHCCis a 501(c)6 nonprofit organization whose primary goal is to continue the advancement and progression of a strong and stable economic culture for Hispanic Businesses. Our Board and Members represent diverse industries from corporations, small businesses, nonprofits, to governmental agencies that touch all corners of the Greater Austin area. The mission of the GAHCC is to be the leading resource and advocate for the Hispanic business community.